The government Financial Reporting team at HM Treasury has published ‘exposure drafts’ of proposed amendments to the government Financial Reporting Manual (FReM) to reflect the implementation of new accounting standards:
- IFRS 13 Fair Value Measurement and decision to apply IFRS 10, IFRS 11, IFRS 12
- amendments to IAS 27 and IAS 28 of the new Group Accounting standards introduced by the IASB in 2011 and amended in relation to transition guidance in June 2012 and Investment Entities in October 2012 (not yet EU adopted)
We would welcome your comments on the exposure drafts which need to be received by Friday 13 September 2013 via FReM.consultation@hmtreasury.gsi.gov.uk. FReM.consultation@hmtreasury.gsi.gov.uk
Specific questions are set out in the exposure drafts but if you have other comments you wish to make they will be considered. In particular if you have any comments or proposed solutions for the practical implementation of the new requirements and transition arrangements they would be welcome.